Duke Realty Corp. has closed a refinancing of a $1.2 billion revolving credit facility that includes a reduction in borrowing costs if certain sustainability linked metrics are achieved each year. The logistics REIT's amended and restated credit facility matures in March 2025.
The facility lowers the REIT's borrowing costs by 10 basis points from its prior facility, according to CFO Mark Denien. "As a leader in green industrial project developments and corporate responsibility, we are also proud to incorporate a sustainability component to this credit facility," he said in prepared remarks.
These emerging structures are different from green bonds, which have become increasingly popular.
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